Thus, the College of Business and Accountancy then housed four departments, namely, Department of Accountancy, Department of Business Management, Department of Hospitality Management, and Department of Office Administration.

For S.Y. 2004-2005, Ms. Maria Rita Josefina V. Chua took over the position of Chairperson. Ms. Chua, with Ms. Austria as Practicum Coordinator, supervised all preparations for the Preliminary Visit of the Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU)—a milestone in the history of the College.

In April, 2005, Ms. Gertrude P. Tuazon was assigned as the Department Chairperson. It was during her watch that PAASCU conducted its Formal Survey of the Department.

In response to a need for a more culinary-inclined curriculum, the Department came up with the Bachelor of Science in Business Administration major in Culinary Arts which initially started with a population of 12 students in School Year 2006-2007. Ms. Tuazon undertook curriculum enrichment by implementing the Executive Order 356, in which a new ladderized curriculum contained embedded competency courses under the Technical Education and Skills Development Authority (TESDA).

On April 4, 2008, mainly through the efforts of University President Dr. Arlyn S. Villanueva, the Hotel and Restaurant Management and Tourism programs were among the Business programs in the College of Business and Accountancy and Graduate School of Business that were granted International Accreditation by the International Assembly for Collegiate Business Education (IACBE). Before her term of office ended, Ms. Tuazon applied the program for Center of Development/Excellence status.

Her successor, Ms. Chrysanta S. Rodriguez served for only a year but her accomplishments include the full implementation of the Ladderized Program, with students taking the requisite institutional testing. Reapplication for the Center of Development/Excellence status was also undertaken during her term. The Department also became one of the biggest departments in the University with a student population of 1,926 in S.Y. 2008-2009.

In June, 2009, the University President announced the formal separation of the College of Hospitality Management from the College of Business and Accountancy under the helm of the founding Dean, Dr. Gertrude P. Tuazon.

It became the School of Hospitality and Tourism Management in the year 2017 following its achievement of a 7-year accreditation under the Accreditation Commission for Programs in Hospitality Administration (ACPHA), the first university in Southeast Asia to be granted as such. In the same year, it started offering the Doctor of Business Administration with concentration in Hospitality and Tourism Management, in addition to its existing Master of Science in Hospitality and Tourism Management program formerly the Master of Science in Hotel and Restaurant Management program. SHTM also offers two (2) undergraduate programs; namely the Bachelor of Science in Hospitality Management with three (3) concentrations: Restaurant and Food Service Operations; Accommodations and Lodging Operations; and Culinary Arts and Kitchen Operations, and the Bachelor of Science in Tourism Management with three (3) concentrations: Travel and Tour Operations, Destination Management and Events Management.

In the year 2021, the Philippine Accrediting Association of Schools, Colleges, and Universities (PAASCU) has granted both the Hospitality Management and Tourism Management programs a Level-III re-accredited status.